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New York 19, Sandy 16, Us 14, New Jersey 11, Fema 10, Manhattan 8, Cuomo 4, Nicole 4, Nicole Petallides 4, Elizabeth Macdonald 4, Romney 4, Adam Shapiro 4, Geico 4, Ho 4, U.s. 4, Downtown Manhattan 4, Staten Island 3, New York City 3, Ameritrade 3, Starbucks 3,
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  FOX Business    Markets Now    News/Business.  
   Business news. New.  

    November 2, 2012
    11:00 - 1:00pm EDT  

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have been destroyed, but the city is still planning to run its annual marathon this sunday. connell: massive lines of cars waiting for gasoline. people just giving up. leaving their cars at some stations. 60% of gas stations in new jersey are dried and the number rises to 70% out of gasoline, out of power. dagen: $50 billion. the firm point that large electricity and road closures. less than half that amount will be covered by private insurance. connell: so much for us to talk about today. we also have the government's latest report on jobs.
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they added 170,000 jobs. the quality of those jobs, type of pay, full or part-time, those are all things we will be talking about coming up. dagen: stocks now as we do every 15 minutes. nicole petallides. nicole: good morning. we are seeing a market that has accelerated selling in this last half-hour or so. the dow is now down 52 points. the vix, the fear index, now has an up arrow. it is interesting to see how we are moving lower now going into trading as if it is really picking up some speed here. the s&p 500 is down one quarter of 1%. some names are good, some not so good. when you talk about starbucks, starbucks is a good outlook. trip advisor and other ones that came in with their quarterly
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reports. you see a name like travelers, for example, and that is a name that has been weighing on the dow jones industrials. monster, the energy drink, they continue to claim that their drinks are safe. back to you. dagen: thank you. connell: hurricane sandy sweeping through staten island. dagen: adam shapiro is standing by with the very latest on the recovery efforts. >> you see this car right here, just one of many that got tossed around by the floodwaters. i want to show you some of the houses. they have inspected 650 structures like this one. you can see this one still has a restricted use sticker. it eventually can be used again. i want you to come back with me, if you can. you will see these two guys over here.
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this is national red. they are walking neighborhood to neighborhood shouting the gas off. did you come down to this house right here, this sums up what is happening to a lot of people. it says unsafe area: do not enter or occupied. this house will have to be torn down. two of the victims of this tragedy, two elderly people died. i can report to you right now, the new york city sanitation has set dump trucks and tractors that are at the end of this street picking up debris. the floodwater actually destroyed property inside the homes. take a look at this pile of garbage. refrigerators, furniture, all of this has to be dumped and take it out of here. if it sits here with the water
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damage, it will begin to mold. they are setting up port of parties so they can have sanitation. verizon is setting up a tower. that is a situation right now. we have been watching total strangers come by on this street offering food and water to people who live here. that is the latest from the situation here. no need to tell you they are. that's the marathon will be run did they think it should be postponed for another week. connell: thank you very much,
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adam. dagen: by the way, i just re- tweeted a column about why the marathon should not be run. power outages, meantime, still causing major problems. unbelievable, almost undescribable problems for drivers. take a look at this video. long lines at gas stations. not because of a lack of supply, but because many gas stations are still without power. connell: there is no baffling to give them. liz mcdonald is live with us on the telephone right now. what are you seeing there? >> good to be with you. we are 60 miles outside of new york city at a gas station.
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patients seems to be almost running on empty. 70% of the gas stations remain closed in new jersey. we are seeing state troopers along the way. we have three very long gas lines. people started lining up predawn. the state troopers are here to make sure there are no gas rage. people are not trying to get gas just for their cars, but for their generators. the drivers here are making a big gamble getting into their car. we sell one may get out of his car with a red canister, cut into the line to get into the front in order to fill his gas canister. two-mile long lines all scattered throughout new jersey. here is the lack of the problem.
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the big problem here is the lack of electrical power which runs the gas stations. we have more breaking news for you. we spoke to the new jersey governor's office and they said chris christie has suspended the requirements that would prohibit gas stations to get gas supply from out of the state. he has moved to increase the supply. that waiver will be in place through november 7. we have no information on whether or not he will extend that waiver. connell: that is a big issue. the electricity is the biggest issue. dagen: we want to stay on top of this jobs report for you. the last jobs report before the
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presidential election on tuesday. unemployment rising to 7.9% in october. joining us now scott minor, chief investment officer at guggenheim partners. what will make the job market pick up steam from here? isn't this lackluster growth that we will see in the months and maybe years? >> the hole that we are coming out of is buried deep. job growth is actually very good relative to prior expansions. the problem is it is not enough to make up for the site of the hole that we dug in the crisis. going forward, you know, actually, i hate to focus on sandy, but sandy probably will be good for job growth and economic activity. i think we will continue to see
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this trend of improving job growth in the months ahead. dagen: we talk about the rebuilding and construction work that go on after a storm like this. if you look at sandy right now and the aftermath and the fact you have the most populated area in the entire country, large swaths of it completely shut down, won't that show up in the growth figures negatively? >> you bring up a good question. i think it will distort the numbers for a number of months. the initial impact, i think, is that we will see probably a decline in unemployment because people could not even show up to file for unemployment benefits. i know that is a perverse outcome when people are not able to get to work. it will be a period of volatile numbers ahead, but on balance, i think, we will see a lot of construction workers and other part-time workers being pulled into the workforce in the months
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ahead to rebuild new york in the area. dagen: most of the cost will fall on government. less than half of the total losses from the storm will be borne by private insurance companies. scott, does that then raise the issues of $16 trillion of national debt, they need to rethink about their priorities? >> you are absolutely right. it is not likely have a lot of spare pocket change around to handle a crisis like this. fortunately, in the scale of washington's borrowings of, you know, trillions of dollars, another ten-20 billion for this crisis does not seem to amount to much. we have a friendly federal reserve that is standing by and ready to fight more debt the government if nobody else will take it. dagen: that is reassuring -- not
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at all. do you think this jobs report has any impact on what happens tuesday? >> i think that the jobs target will be a big consideration. when you look at the numbers, it is sort of interesting when you strip away the recent positive series of numbers we have gotten. there are some other efforts to be considered, for instance. when the administration came to power unemployment was 7.8%. it is 7.9%. when you look at how many jobs were added from the beginning to today, the total number is 184,000. it will be interesting to see whether the public wants to blame the prior administration for the crisis or whether they will assign responsibility to this administration. dagen: interesting. most definitely. scott, thank you for being here.
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it was great to see you. we will see you again soon. >> i heard you and connell were without some residents for a while. my thoughts are with you. dagen: thank you very much. connell: breaking news. governor cuomo latest briefing on hurricane sandy. >> good news for the homes who have had power restored. obviously, still half of the homes without power. the long island power authority, lipa, had 90% of their customer base out of power, that is down to about half also. that is good progress also. we spoke with con ed this morning. they have been making good progress especially in downtown manhattan. he believes power will be back on in the tunnel. it will facilitate the mta
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bringing powerpack to the subway system in that area. there is an additional 200 cruise that line group that will be coming down from québec today. that will help the utility companies with the line restoration. they also believe they may be in a position to turn the power back on in downtown manhattan today. this, obviously, would be good news. that does not mean every light would work in downtown manhattan because we power downtown manhattan, but there is the question of local networks, building equipment that has to be checked also. downtown manhattan being retard would be a big step forward for the train system, as well as, for con ed and the likes. we have spoken all along that this was an interconnection
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among three elements, the water in the tunnel, getting the water out of the tunnels, getting electricity back on so we can get the trains running again with mta. that would be very good news, again, especially for downtown manhattan. my position with the utilities, which i stated yesterday, which i like to reiterate today, i understand utilities are working very hard. i understand that. i understand they are working there he hard. i also understand that i represent the people of new york. i represent the people who are right now without power. i represent the people who pay the bills to the utility companies. i want accountability and i want performance. people pay their bills, people pay their bills so they have power. they are now without power. we understand the situation, but we expect these utilities to perform adequately in this situation. i would hold them accountable for their performance.
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they are businessmen. i do not see why they would object to being held accountable for their performance, which is the general rule. in terms of homeownership, we are working on stabilizing the situation and communities in the affected region. there is still a number of communities that need more work to stabilize. places like long beach, like lindenhurst, like staten island, pockets in the bronx and queens. we are still working on stabilizing neighborhoods. we are also beginning to transition to the reconstruction phase, especially reconstruction of homeownership. there will be many, many, many homes which were damaged to one extent or another. some totally demolished, some tragically burned out, some
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flooded, full range of damage. there will be a number of resources that will be available to homeowners. the first private insurance. secondly, the federal government through fema and the fema funds. third, state funds and state programs that are available. we had a conversation with the president last night. once again, he was asking how he could help, how the federal government could help and what came out of that conversation is we will be the blowing 30 joint teams in the region. between the state and the federal government through fema. these teams will have an expert in each area. an expert with private insurance, and expert with fema, and an expert with the state who
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knows the state housing programs these joint teams will be deployed in the 30 key areas in the region and fema will be providing the 30 personnel for those teams. we think the president for that. it is another step in a full agenda of federal assistance to our region. we thank them for that. those 30 teams will start to be assembled next week. they will be dispatched to the affected communities speaker governor andrew cuomo of new york. a couple things he pointed out. 90% of the island, which is really such a huge number when you think about it, they have gotten that down to about half.
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talk about the progress they are making. holding the utilities accountable. dagen: because of this developing situation in the aftermath of the storm, we will do something different today with charles payne. he wants to talk about what he has seen during this answers perspective. charles: again, okay, you want to hold the utilities accountable and to pay a compliment to fema and the president. they get our money to, just like the utilities get the people's money. new yorkers send a lot of money every year to washington, d.c. i think it is crazy to have to go back to beg them for this money. this weekend people will freeze and staten island. they will freeze and staten island. i kind of wish the system was different.
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a guy like andrew cuomo would not have to give this press conference, they would already be deploying these assets and resources. connell: quite frankly, a lot of felt local authorities, are getting a lot of criticism for running a sporting event, a new york city marathon and starting it in a borough of staten island that has been harder hit than any other part of the city. that criticism is here. charles: it is a combination of -- meet murray implement. the mayor has lost his mind. it is absolutely devastating. the two generators that they are
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using, as other people and staten island to not have any power. it is heartbreaking. when it is all said and done, we will be able to assess that. i do not think -- [talking over each other] dagen: i do not care who it is, just get on the job and get this taken care of. charles: we need to make sure in the future things are ran better and more successful. there are some major lessons to be learned. dagen: the marathoners havarti kicked people out of hotels back to their homes without power. connell: we will move on, charles. thank you. we have more coming up on the gas shortages. this is a region still suffering from hurricane sandy.
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dagen: believe it or not, we are watching another storm headed for the northeast right around election day. we will bring you the latest forecast on that. also, take a look at the oil markets. right now it is about getting power supplies back on in these gas stations. we will have more after this. ♪
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dagen: we wanted to show you what the weather looks like. we are looking into next week. if possible nor'easter that could develop off the northeastern seaboard. if you look out towards wednesday and thursday, there is a nor'easter that is likely to develop off the eastern seaboard. it looks like the system will remain east of new york and new jersey. new york city very welcome news. it could hit parts of cape cod and maine and new hampshire.
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we do not need another storm. connell: exactly right. millions of people still without power due to sandy. will it make getting to the polls and voting on election day even more difficult? are people even thinking about that? from the manhattan institute judith miller is here and studio here with us. >> everything, as we keep saying, the pants on the ground game. it will be determined on which side can get out its voters. the most fascinating thing this
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morning was the number of lawyers who have been dispatched throughout the country. especially through the swing states like ohio. you have 70 lawyers on the gop side versus, wait for it, 600 lawyers in one county, to make sure that not only their voters get out, but that the pollsters themselves are not slowing down, that people are not being turned away. the republicans, for example, will be concentrating on who, who, who is really registered to vote. that is what this game is all about. connell: christie, from your perspective, are you worried about this? >> it will have a huge impact on the actual outcome. not necessarily in the ways that we expect. as judith has already said, the
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states we have talked about that have been most impacted by the hurricane are predominantly blue states thought new york, new jersey and pennsylvania. however, it is true that we will have potentially millions of people having a harder time getting to the polls. what that means is that there is the potential scenario that seemed awfully far-fetched before last week which is one candidate winning the popular vote and the other winning the electoral college. the president will cut into the popular vote totals. connell: -- [talking over each other] >> i am not sure it has a tremendous impact to the effect that romney would win the popular vote. connell: handicap the race for
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us. >> i think at this point it is too hard to call. i do not think we can really talk knowledgeably about what will happen right now. what we have seen with sandy is the freezing of this election. you do not see the issues we used to see like benghazi or "fast and furious," the other scandals. all of this has been swept away by sandy. a net positive. calling attention to the crucial role played by the federal government. fema is there to back you up. thirty teams being diploid next week on the east coast. connell: charles was just talking about that. you say that it looks good. there are areas, staten island, for example, they say they are not getting the attention they need.
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>> quick last word on next tuesday. we have seen cheap -- one was with chris christie. the second part was today with the jobs numbers. connell: more jobs added than expected. you are right about that. thank you to both of you. >> thank you. dagen: we had back to staten island to get the very latest on the massive cleanup efforts and what in addition is being done to help all of those revenant. connell: people just absolutely devastated. the never ending gas lines all over. we have elizabeth macdonald live at one gas station. ♪
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>> i am nicole petallides live on the floor of the new york stock exchange where every 15 minutes we have stocks now. you can see the dow is down one third of 1% amidst the important jobs day. this is the head of the election next week. travelers continues to be under pressure after hurricane sandy. chevron, caterpillar, ibm, some names that have been managing to squeeze up some games. let's take a look at a winner on wall street. that is priceline after they came out with their orderly reports. they expected slower growth. it turned out it was doing better than expected and one of the reasons is because of europe. they compete directly with names
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like expedia and such. they even got an upgrade from a buy rating to a hold. dagen: thank you. let's go back to adam shapiro. he is live and staten island. connell: what is happening, adam? >> we are watching strangers come by with food and water. the topic everyone is discussing is the fact that the new york city marathon is still going to be run. i want to introduce you to very important people who live in this area. this man grew up here and his girlfriend lives behind here. some of the houses condemned. john, the marathon is going on. what do you think? >> i think, along with many others, it is a disgrace. >> what would you say to mayor bloomberg to maybe change his mind? >> i can understand you may feel it is uplifting, but there are
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people out there that need the water, they need these hotels. i feel it is a disgrace. >> now i want to and -- introduce you to this woman. >> i think the governor has done a great job in new york and the tragedy. this is not a good answer. i am very concerned. we need police officers here, we need generators here, we need hotel rooms here. all of these things are being taken away for this marathon. >> i do have to point out, when we came in we saw the portable bathroom facilities and generators just across the street from here. aren't the people's needs here being that close that can't both be met? >> absolutely not.
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we need every single resource. take one of each of these away, i have people e-mailing me telling me they are being kicked out of their rooms because of marathon runners. we need leadership from our governor and mayor. >> the governor said he will not weigh in on this. have you heard from senators? >> as of yesterday, we had a press conference and they said they were unsure. they have seen the devastation. we need people. we need resources. we need police officers to help. it is unbelievable. >> john, what would you say to the mayor to describe your anger? >> i believe he needs to set his parties straight. i do not understand how the spare thumb could go on. there are hotel rooms that need to be going to people here, not
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marathon runners. it is heartbreaking. this is hunter avenue. tonight, according to a driver, he told me the garbage trucks will be coming through. take a look at that pile of garbage. that is what they will be picking up. you see it on streets like hunter avenue and other parts of staten island. it is even worse in math zone a. there will be an lot of work to be done. back to you. connell: the borough of staten island. adam shapiro. thank you. dagen: long lines of cars
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waiting for gasoline. elizabeth macdonald will bring you the latest next. ♪
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>> i have your fox business brief. delta airlines expected to resume a full flight schedule.
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sandy cut into the october profit by $20 million is still affecting the impact. microsoft is testing a smartphone design with component suppliers from major. the company is not sure it will go into mass production. the white house increase in value. it increased 1.5% since 2008. the $284.9 million valuation is still lower than what it was worth back in 2006. that is the latest from the fox business network. giving you the power to prosper. ♪ the legal protection you need? at legalzoom, we've created a better place to turn for your legal matters. maybe you want to incorporate a business you'd like to start. or protect your family with a will or living trust. legalzoom makes it easy withtep-by-step help when completing your personalized document --
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hopefully some relief pretty quickly. dagen: we go to new jersey where we find elizabeth macdonald on the scene. >> good to be with you guys. we are about 40 miles. we are in transit. 40 miles or the new york city. we are seeing the lines continue to grow. it is a 2-mile long. there were state troopers trying to keep tteir peace out here. fuel tankers are entering new york harbor. expect a fuel shortage to ease quickly. 80% of the gas stations in new jersey are off-line. they do not have power. fox business has learned from aaa that the reason why 80% of
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the gas stations are off-line is due to power issues, electrical power is needed to run the gas pump. it is also needed to run the gas pipelines that delivers the fuel into the area. according to authorities, this dual problem will be starting to ease come sunday and into next week. they are saying if you do not need to be on the roads, do not be on the road. we are trying to ease the gas crisis as fast as we can. this reminds many drivers of the early 70s and the opec crisis. that is not the problem. it is a power problem. i will give it back to you guys. connell: how are people's moods they are? what about the prices kraft normal prices? >> that is a important question. yes, we are seeing normal
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prices. this gas station is trying to do their own version of crowd control. you can see them with orange flags. they are trying to keep the cars back down the line in order to not have them do a pile up like airplanes on a runway so they can better control the mood and tempers here. people here are being very patient. the hours are not trending around to our long wait to get gas in new jersey. we are hearing four to five hours and other spots. we have seen a number of gas lines. you can imagine them lengthening throughout the day. connell: elizabeth macdonald, thank you. dagen: it is a quarter till the hour. stocks now and every 15 minutes. a big loser today.
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nicole: we are looking at the markets. let's start off with the mover. everybody knows gas for their jeans and hot ads. what we are looking at is a stock that has been selling off and moving to a new 52 week low. a couple of senior executives including the chief financial officer are actually leaving the company in order to pursue other interests. jeffries came out and downgraded the stock as well from a whole to a buy. clearly they said it is not significant and leadership is in flux. it brings a little uncertainty, but, maybe change is good. we will see. we see the dow jones industrials down about one quarter of 1%. we have six tiles and set of
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ten. back to you. connell: breaking news just coming in. getting power back on in some of @hese hard hit areas. 3.6 million in the northern u.s. are without power. that is progress. the peak was 8 million plus. now it is down to 3.6 million. we are getting there slowly, but surely. we have the government latest report on jobs. the unemployment rate up slightly to stock 7.9%. connell: the quality of the jobs, though, people talk a lot about it. we will weigh in on that and the markets coming up next. ♪ follow the wings.
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connell: back to our big economic headline today, the u.s. economy adding -- joining us down in florida where i am told he voted today. >> i did, i voted today. i have to watch out for the weather. connell: that is the big question. you know, in terms of how that will affect the election. in terms of numbers today, we said this would be the big number ahead of the election. 7.9% unemployment, hundred 70 plus jobs. >> i do not know about the
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election. the report is a good report. it is above estimates. the revisions were good. two things are good in this report. incomes did not write so much. they are better than what we used to get. we look back and say, hey, we created a half million jobs within the last three months. the numbers should be a little stronger when they have final data. this is good news today. connell: is it signs that the economy is really coming back click back we brought up that people have questions about the quality of the jobs or are you still have a lot of people working part-time that want to be full-time. characterize where you think we are in the recovery right now? >> small increments for sure. temporary work, there is still a lot of it. there is a huge uncertainty
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about what businesses will do about health care costs. there is a fiscal cliff hanging there. look at how good this report would have been if we do not have to face fiscal cliff uncertainty mms and our congress. it would be much, much better. connell: i understand it is one day, does it make you think you are missing something or is it something else altogether? >> i think the stock market saw a for four minutes and then went on. we are still in no man's land. we will be there until we get to a lame duck session. we will get some clarity after election day next week. repairs for sandy next year give the economy a boost. it is a hard way to get it. connell: we have been talking about it on and on for the last
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couple days. the money does not grow on a tree. it comes from the government. that has two sides, doesn't it not that argument about economic benefits of a tragedy. >> well, it does. you reemploy people to do the rebuilding. you have to pay for it so you have to borrow the money to pay for it, state, local and federal. you then distribute out the losses in terms of grand distribution. the second thing is the insurance companies get hit, but they also come in and get rate industries and they can justify them with the losses. the bottom line of tragediis, i hate to say, floods, storms and so forth is we get a positive growth pick a year or two later. connell: david, thank you a lot. we appreciate it. >> thank you. dagen: more on the disaster left
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behind hurricane sandy. we talk about the long gas lines in the northeast. stations without power to pump the gas. connell: no places are a bigger mess than staten island. one of the five boroughs of new york city. they are fighting for the basic necessities of life. the debate is getting larger about this weeks new york city marathon. it is still on. it has not been canceled. cheryl casone and dennis kneale will have more. here is what governor cuomo had to say about the marathon. >> the marathon is, i think that is a decision best left to the local officials. i think there is a difference of opinions. there is a debate and i understand both sides. i think that is an issue they can figure out on their own.
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>> we are back on "markets now." we talk about the economic benefits all the time. one favor of running the marathon this weekend is economic, another is emotional. we tal talked about it on the r, i don't think they're buying any of those arguments. dagen: if they tell you to call it off and even people who grew up here who no longer live here telling you the same thing, you are a class a moron if you don't end it and stop it right now. connell: so honest. >> we are expecting an answer. i think the odds are he will have to reconsider his decision because of the economics and the moral issues. will not be bringing in $40 million in economic activity to new york city like last year, it is impossible. dennis: yet he finds it very hard to retreat and back down
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once he is taking a stance. cheryl: we have a very busy friday for all a few, the last job numbers before election day, ho-hum reaction from wall street, president obama saying we are moving in the right direction, mitt romney sang it is not quick enough. we will have full reports for you. dennis: and waiting for gasoline across the northeast as tempers flare, we are live at the pumps, plus we will talk to a suburban new york mayor who i has just ordered gas rationing. cheryl: and we will take you to the new york city. of staten island where residents are outraged while they have no electricity or food, the city is putting resources behind running this weekend's new york city marathon which is set to begin in the boroughs of staten island. top of the hour every 15 minutes, nicole petallides on the floor of the new york stock exchange.
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they are not liking today's jobs numbers, nicole. nicole: there is a lot going on on wall street. i was just talking to a trader that will be running a marathon, his suggestion was simply makes much money off it, they should donate some money back to the people suffering because of hurricane sandy. the major market averages, they have been selling off a little bit, dow jones industrials down 35 points, names like travelers coming under pressure. insurers are a wildcard under the pressure they may be underpaid names like chevron wayne. i just noticed the index is looking better, and starbucks in particular edging up, and they also gave an outlook for 2013, better than expected. with promotional measures they have been doing getting the customers in an unlike mcdonald's and tripl others.
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dennis: the last jobs report before the election. as you would imagine the president and mitt romney have overly differenutterly differenf it. >> economist at the numbers were not strong enough or weak enough to be a game-changer for the election on tuesday, but the report provided ammunition for both campaigns this morning. the president highlighting job creation since the economic recovery began three years ago, mitt romney said job creation is still not strong enough. >> today the businesses have created nearly 5.5 million new% jobs. this morning to learn companies hired more workers in october than any time in the last eight months. >> he said he would lower the unemployment rate down to 5.2% right now. we learned it is actually 7.9%, and that is 9 million jobs short of what he promised.
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unemployment is higher today than when barack obama took office. >> romney picking up a talking point the unemployment rate rose to 7.9%. a month ago to recall in a september jobs report the rate dropped unexpectedly from 8.1% to 7.8%, which was the rate the president obama had when he took office in january 2009. giving the president a talking point, given that one back. dennis: thank you very much, peter barnes. cheryl: our next guest says recovery is simply not enough anymore and the october jobs report is another reminder we are nowhere near economic expansion. the chairman joins us now. why are you so focus on the idea of expansion and not recovery? >> when you look at the jobs report, remember, you have close to 150, maybe 200,000 new entrants into the job market every month.
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we have a jobs report like this, good, right on the margins very good and improving. we're still not absorbing or creating new jobs, not showing expanding economy so if we're looking to invest in other people's money like we do every day, we want to see an expanding economy, we want to know the things we are buying today will be more valuable in the future so jobs are a lagging indicator, we will know when we get into expansion only gets north of 200,000. cheryl: one of the things that could be troubling for the u.s. economy, the services sector, 130,000 jobs added in the service sector leading manufacturing is not happening in this country, not product development have been. >> we had a pretty good tmi report above 50 which shows expansion but still more indicative of a slow economy which shows the gdp number we
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continuously see hovering around 2%. it is still a recovery type economic situation, not expansion. as important, global manufacturing appears to be bottoming out. still not showing expansion number yet but it looks to be moving ahead into expansion territory, which might be a surprise to a lot of people. cheryl: i'm curious to get into labor participation rate is a positive. higher in this report fair enough but at the same time sitting at 30-year lows for that number. >> as far as we're concerned, that is immaterial of what we're looking for is job creation. you create households, when you create household to get the housing market going. you create consumption and demand. that is all we really care about. that is a step for the politicians and the economists.
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for investors, they want to see some that tells them growth is actually taking place. cheryl: next time you are on i want to talk about investment structure. you and i are going to have a big fiscal cliff discussion a couple of weeks. thank you very much, good to have you on the show. >> thank you. dennis: we're joined by "wall street journal" executive washington editor. the rate went up, good or bad for the president? >> this is good for president obama. about as good as he could have hoped for. almost 50,000 higher than most people were expecting. the pickup came for the right reason, some other people into the workforce. it is not a great number, it is a good number and it will help the president create a closing argument in which he can say the numbers have been good for several months, you heard him say that on peter's taste and it is going in the right direction.
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on the other hand mitt romney will say essentially if people were more enthused, in the workforce, this number of unemployment would be closer to 9.6% which is an estimate i saw somewhere earlier today. dennis: we are at 7.9 now. let's make him and ran for reelection was 7.8%, jimmy carter beaten in '76. can obama defy that trend? spea>> the other was 1980, ronad reagan's unemployment rate was about when ronald reagan was running for reelection 7.3, 7.3, 7.4%. who knows. a lot of it will depend no particular data point will be decisive this point, what matters is what people think the trendline is, what the trendline really means. dennis: we would need 350,000 jobs per month to take an
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employmenemployment rate down tn three years. do they give him policies have helped or hurt the job recovery? >> they're not as robust as anybody would have hoped. the question is, is the economy poised for a takeover or not? nobody would look at this picture and say this proves what happened over the last four years has been wildly successful. the question is what are we poised for over the next few years, the next few months even. it is a long climb back to anyone's estimation. more about what is coming as opposed to what has happened in the past and that is what the argument is about in politics, what is coming next. you want four more years of this job growth, stick with the guy you have got. they say we are poised for takeoff. dennis: thank you very much.
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cheryl: more breaking news into fox business. his view of new york city mayor bloomberg touring the damage from super storm sandy in brooklyn, looking at this point that's not what is happening talking to residents who expect to hear from bloomberg at the bottom of the hour, we expect to have a news conference to get an update on this situation here in new york city. lines that stretched for miles, tempers flaring and new reports of gasoline rationing. that is escalating impact of the fuel shortage in the northeast. >> good to be with you. he will talk to some drivers right here. how long have you been waiting in line? >> two hours. >> what time did you get up to get in line? >> as soon as they got to school, i got in line. >> are you getting gas for your
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generator or for your car? >> for both. >> what do you think of the gas situation injures a? >> i don't understand why they're taking so long, understand you have to be patient. >> good to be with you. the situation we are hearing is there is a terminal issue, the terminals are flooded 99%. this gentleman says 99% are flooded. we will get to this driver, how long have you been waiting on line here? >> i'm not sure. about an hour and a half maybe. >> is this for your house or for your car? >> for both. >> what to think of a situation? >> obviously it is an unfortunate situation. i thank god i'm in the position i am in right now. a lot of people don't even have a house to get gas. >> thank you.
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we are in transit in new jersey, the situation in new jersey authorities say this not a gas supply issue, it is an electrical power issue. let's ask this gentleman, how long have you been waiting to get gas? >> two hours. >> what do you think of this situation? >> i'm coming from new york state and thought i would get gas very easily, we passed three other gas stations that didn't have any end i don't know, hope they get this resolved as them as possible. i hope by next week they can get the line down to maybe a half hour. >> what part of new york state? >> westchester county. >> here is the situation what is going on with people coming in from new york into new jersey. just trying to get gas anywhere they can. how long have you been waiting in line? >> two hours. >> see you're getting gas for
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your car or your generator? >> for my car. >> good luck to you, sir. we will be here throughout the day with live updates on what is going on with the gas crisis in new jersey. a power issue is what we are hearing and a terminal issue meeting the terminals have been knocked out. 80% possibly without power. back to you. cheryl: we will see you throughout the day on fox business. dennis: and we will talk with the mayor of yonkers, just ordered some of the very first gas rationing in new york in the wake. cheryl: moments mayor bloomberg with an update on recovery from super storm sandy and the controversy over running the new york marathon this weekend, which he gave the go-ahead for. is he going to stick with that decision? dennis: and let's take a look at oil. don't go anywhere.
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>nicole: i'm nicole petallides n the floor of the new york stock exchange. we have stocks now checking in on the market, and stocks to watch. down arrows across the board. we are following a stooy that is now breaking a short time ago. rockdale securities that we know
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so well because famed analyst dick bove. the trading error occurred in apple, that is something apple traded, so they have a capital shortage as a result capital injection. we will continue to follow that story for you, at the same time we will talk about the apple ipad mini. i went by the apple store on 59th street and fifth avenu fifn the heart of manhattan, a big long line for the product. findings from abroad, the lines were long but not as long as they were for the iphone 5. back to you. dennis: thank you, nicole. along gas lines are pushing
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yonkers to ration gasoline. yonkers mayor limiting sales to 10 gallons per driver. what has been the reaction so far, how is it working? >> yonkers as i know, a baby city sitting on top of new york city. when you have such a huge population center like that and there has been utter devastation to our ports for new jersey and opening some up in new york, there is a massive influx of people from both new jersey, around the county and from new york city that are coming into yonkers. we welcome it, we like their business but at the same time we're rapidly running out of gas. most of the city gas stations are actually out at this point.
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so we felt putting forth a rationing of 10 gallons of gas for nonemergency vehicles was a right step in trying to at least for all the residents can have some kind of a gas. dennis: if i can ask, by what authority were you able to do that? i didn't realize a local mayor could put a cap on gas rationing is. >> we are in a state of emergency and the mayor have great power and we utilize the power to impose that rationing of gasoline in the city. i think it will help out long-term gas will be up and running, but short-term we could be dried. the town north of us is completely dry of gas. we don't want that to happen.
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dennis: where is the biggest glitch in the supply chain? the refineries are not making a guess, the trust cannot get into deliver the gas. >> it is, for what i have been told, the ports have been shut down because of the storm. and then of course there is the spike in usage, how many people are using generators right now. far more than we have ever seen in the course of the region. how many gas stations were shut down because they don't have power. there is a limited supply because of a lack of power and the backup, how we get our gas. dennis: we will see if other towns and communities follow your lead. yonkers mayor mike spano. thank you.
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cheryl: light, food or marathon? that is what they're asking mayor bloomberg. we will be live from the hard-hit. where people are serious. dennis: and we will hear from an alabama electric company whose crews were turned away from new jersey because they were not union members. cheryl: the euro weakening against the dollar. [ male announcer ] this is the age of knowing what you're made of.
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cheryl: lights, food or marathon? as for the people of the borough of staten island across from downtown manhattan are asking. adam shapiro standing by in staten island where people are frustrated with the recovery efforts. adam. >> i will show you a shot, this pile of debris from the home of some people we interviewed earlier this morning on fox business sums it up still waiting for new york city sanitation to come by and that will happen tonight.
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take a look down the street. you can see there are gas crews turning off the gas, they have o shut off all the gas throughout the area to test for leaks and they can turn it back on for people who are able to stay in their homes. here's what fema is saying about this situation. they claim 85,000 people have registered for assistance in all the areas that have been declared disaster that the hurricane sandy, and you have the red cross is going to complain to have ignored the area. the director saying in new york they are prepared to handle 250,000 people who need meals on a daily basis so that his latest from what we are hearing. here on the ground people are angry to marathon will continue. we spoke an assemblywoman who represents this area says it is a disgrace the mayor will allow 40,000 joggers and runners to take part in a marathon while these people are still trying to rebuild their lives. >> note is supposed to start in
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manhattan. we will see. thank you very much. dennis: you will not believe this one. utility crews that drove from alabama to help clean up the devastation of storm sandy were turned away. the workers were told they can't help because they would not join a union. a general manager of utilities spoke this morning with stuart varney. >> our crews were sent up there and ended up in the virginia area in a staging area but never actually got to the new jersey town we were headed to to support. we were presented with documents that required our folks to affiliate with the unions and someehing we could not agree to. dennis: i tell you, this is a clear sign to often unions are trying to defend their own turf and not doing what it takes to help people. this is one case drop the
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clothes shop right to work controversy and let them in. cheryl: there are a lot of issues happening right now in the city of new york. look at seaside heights, new jersey right now. we have three states right now that are completely destroyed by sandy, so many without power, and something like this, people like this taking advantage. and again, one thing about living in manhattan, unions are still a very big powerful piece of doing business. in new york. dennis: i'm sure they're happy to have them come in and help clean up. people try to do a good thing. we also have new pictures we wanted you to see. you wake up with a boat in your front yard, now what do you do? take a look at these pictures, a whole bunch of boats, the flooding that followed up onto one in the front yard of homes,
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long island, don't know how they will get those things out of there. cheryl: also want to let everybody at home know we're waiting on a press conference from new york city mayor michael bloomberg expected to give us an update on power, facilities and transportation and the big question for many, will the new york city marathon still begin in staten island. we will be right back.
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dennis: are waiting to hear from new york city mayor mike bloomberg to update us on the hurricane cleanup and whether he is still behind running the marathon this weekend. that was his call, just getting back. after touring the destruction in
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brooklyn. staten island is ground zero for the storm if you're in new york city. we will learn what you'll do about turning the subways back on and returning mass transit but also the marathon, that is a big decision. not too late for him to say why don't we postpone this baby a week or two. cheryl: we will be taking those comments live and what is happening in the u.s. market right now because we got the jobs report today. october jobs beating estimates that nearly 60,000. actual coming in 171,000. now we will debate this because which candidates have the better jobs plan? i want to ask you, to you first, these numbers, the tabulations have been questioned severely over the last several weeks. is that a political question or something we should be looking at? >> it is clearly political.
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and this question when unemployment was at 10%, only the last month of an election where we actually see the numbers reflect a modest trend upwards and the labor market becoming politicized. it is a shame because the labor department does really great work and their analyses should be commended as opposed to being castigated for being politicized. cheryl: fair enough, but using the number we did get still is not enough, this is not a recovery, meaningful recovery, we need 250,000 jobs added, so what does that say? >> you're absolutely right. this jobs report somehow good jobs report really isn't. people of gotten used to this new normal for this is the kind that is viewed as positive. any job reports 250,000 or more every month, we have only had
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that four times out of the last 32 months. the unemployment rate down to 6% instead of 7.9%. this new normal, this is a good report, it is way off base. cheryl: what is not normal, 40.2 weeks is the average duration, that jump. we are seeing more and more people without work. this is not a positive report. >> it is certainly not enough as you well know, i think much more needs to be done, but we cannot deny what we have seen is very steady improvement in the labor market over the course of the last year. is it enough that is that enough for my case, but to suggest otherwise is completely being ignorant of the numbers. there is this positive trend upwards in terms of jobs created and a lot of labor market
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indicators indicate a macroeconomic situation is improving not fast enough, but it is improving. cheryl: president obama created 4 million jobs since 2009, you don't think that is enough? >> not nearly enough. just barely more than half of those jobs back. yes, the numbers have been climbing from the very low level, maybe a trend upwards but still way off. cheryl: thank you very much. we have been debating the images that matter for you. we will do this until election day, the final debate. what should be done as the deadline approaches. we will debate this with american action form. dennis: i would bet they are both against it. we have the very latest from the campaign trail coming up next.
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cheryl: and you won't believe how long the gas lines are following super storm sandy. live in new jersey. dennis: a look at the 10-year treasuries as we head out. ♪
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expected report on the u.s. labor market. the dow down 27 points. shares of martha stuart living something with the board of market. a day after announcing it is taking steps to cut costs company says declining value of the business and a drop in ad revenues widened third-quarter loss. they plan to lay off 12% of the nearly 600 person staff after steadily losing money since 2007. hardware lower on the return of a publicly traded company. furniture retailer began trading on the new york stock exchange after pricing just over 5.1 million shares at the high-end ohighend of the range,h raising $124 million. that is latest from the fox business network giving you the power to prosper. there are patients who will question, why does my mouth feel dryer than i remember it to be? there are more people taking more medication, so we see people suffering from dry mouth more so. we may see more cavities, bad breath, oral irritation.
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a dry mouth sufferer doesn't have to suffer. i would recommend biotene. the enzymes in biotene products help supplement enzymes that are naturally in saliva. biotene helps moisten those areas that have become dry. those that are suffering can certainly benefit from biotene. cheryl: once again want to let all of you noticed a live picture at city hall, lower manhattan waiting to hear from michael bloomberg to give
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everyone across the nation update on the hurricane cleanup in the area and whether or not the mayor is behind his decision of yesterday to run the new york city marathon, controversial decision by the mayor. we will have live coverage of that statement from mayor bloomberg. dennis: in the home stretch the presidential race, both candidates crisscrossed the country. rich edson with the latest. >> focus on ohio that could very well decide this election, president obama focusing on the auto industry, and significant auto manufacturing base taking credit for the survival of gm and chrysler. >> i understand governor romney has time in ohio because he was against it in the auto industry and hard to run away from that position when you're on videotape saying the words let detroit go bankrupt. dennis: geometrics or went bankrupt a merge with help in federal financing.
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governor romney's plan would government providing guarantees for post-bank of the financing. meanwhile in wisconsin governor romney hit his campaign closing argument. >> he is so sure of that he has one big plan for the next four years. he wants to take all the ideas from the first term, the stimulus, the borrowing, obamacare, all the rest and do it all over again. that idea can be boiled down to four words, more of the same. dennis: president obama spends all day in the buckeye state. back to you. cheryl: more breaking news continuing into fox business. fema now arriving in staten island. let's go back to the latest there. cheryl: this is national guard distributing supplies to people
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who need party, and they set this up about 10 minutes ago. the bunch of people taking not only taking supplies, but the police officers who are here and some national guardsmen have been carrying the what are for them back thei back to their hos waiting for the cleanup crew that will be coming as well. sanitation department, it's nice to take on the garbage but this is the distribution area where people are able to get water. we saw fema trucks to the north meeting with people who can start filing claims. this right over here, this was set up for the people of this area with no running water, no electricity, no nothing. cheryl: thank you very much. flooding is still plaguing the northeast with water contamination but becoming a very real issue. aqua america in the
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united states the majority of half a million customers have never experienced water disruption. joining me now, aqua water chairman and ceo. a trying time for many up and down the coast, but why do you think we'r we are still having concerns about water? you say we should not be that concerned. >> it is obviously essential for life, electricity is terrible but without power for a couple of days you cannot survive. therefore flood proofed our supplies, the advanced warning of the storm and we are lucky because our areas did not get devastated but got hit with a sandstorm. cheryl: your business has pulled away from a particular area hit. how would you be advising people
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right now, your employees, residents as far as water goes? >> the purity of the water is crucial, can always borrow to make it more peer if you need your gas supply and/or electric supply to do that. there's not much you can do the whole system becomes contaminated sea have to have preparations prior to the storm to prevent massive pollution of your water source. cheryl: a lot of breaking news, thank you very much. dennis: it is a quarter on till. nicole come he had two gas companies reporting? nicole: a real divergence and yowetake a look at both of themo names we know very well. some of arrows. when you talk about oil and production, we have seen and
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refining has an up arrow, the profits nearly doubled. chevron has pulled back some on the dow jones industrial, surf the one that will continue to watch throughout this storm as well. take a look at the dow, nasdaq and the s&p 27 points to the downside, dow jones industrial, the vix has gone back and forth now turned back to the red. little relief read as europe closes, that has been a factor to our volume and our action. when i talk to traders, europe dying to get that money back into our market. they trust our equities, that is always contributes to our action. back to you. dennis: thank you very much, nicole. one heck of a party for media titans the past year. boosting ad revenues. is the party over? five media giants report
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earnings next week and some are bracing for disappointment. discovery and news corp. reported next tuesday, time warner, cbs on tuesday, media stocks rocked, disney up almost 50%, discovered up 45%, news corp. 45%. cbs 38 and even time warner up 34%. that's all compared to the s&p 500 up only 17% at the same time. cheryl: so much news going on. the gas lines frustration continuing to grow in several areas of the northeast. the latest from our own liz macdonald in new jersey for us. dennis: let's take a look at the winners on the nasdaq. [ male announcer ] this is joe woods' first day of work.
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dennis: a gasoline shortage is getting work from the northeast. liz macdonald is live with a gas station in new jersey. >> good to be with you, dennis and cheryl. what we are seeing is tempers are slightly flaring on the gas lines here. people waiting about two hours. i want to take you to a driver, we are seeing increasingly people from new york state to upstate new york into north of westchester coming in.
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good to be with you, how long have you been waiting in line? >> in this line? three hours. >> you are from where? >> upstate new york. >> what do you think of this situation with the gas? >> we're lucky we have got gas. even if you have to wait. >> what the problem is, even governor cuomo saying 200 million gallons of fuel have been offloaded in a port in a terminal in new york so you're basically bringing you the latest of the gas lines stretching out increasingly getting longer throughout the day as people get out of the house to get not just gas for their car, but gas for their generators and the other breaking news we're hearing from the owners of the gas station and from authorities in new jersey, they keep telling us fuel is not the problem, it is an electrical power outage problem with 80% gas stations
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off-line in the state of new jersey. terminals have been flooded, that is hurting supply. back to you guys. cheryl: thank you very much. mary wittenberg, ceo of the new york road runners association announced the race would go on. her organization along with the ing would donate money to the cleanup. fastest rates hit $340 million in tourism and tax revenue for the city but with travel delays, flight canceled, traveling from 35 countries all 50 states, is that going to happen? requiring hundreds of police officers would be dealing with downed traffic lights, power outages and operations the five boroughs. they will not run or watch a marathon this year. we're waiting to hear from waco bloomberg heavily criticized by many local papers in particular including the cover of
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"the new york post" which basically said it was with regards to mayor bloomberg should not be running this maze. it is immoral and wrong. >> what we're seeing is people like this gentleman here with their own canisters to get fuel. and we are seeing people parking their cars and a shoulder to get out and come in to get gas. you have two canisters, tell us about your situation. >> i have no electricity. no electric, don't have the power or nothing. just to get two cans of gas. dennis: thi>> so this is for yor generator? >> yes. we have two kids, one in three
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years old, one is one years old. >> so you had two toddlers, what do you make with the gas situation in new jersey? >> i have no choice. >> we will let you get your gas, thank you very much for your time. we will be bringing live updates throughout the day. back to you. dennis: thank you very much, liz macdonald. cheryl: unbelievable. dennis: i lived in new york 30 years and this is by far the worst storm impact i have ever seen, and i still want to see whether bloomberg will retreat from his stance. i really want to see. cheryl: i was not here in 2001, was working in san francisco but i remember the marathon running and it was such a proud moment it seemed for new yorkers.
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it seemed like at the time it was a rally cry for new yorkers but we are strong and we are tough and we will make it. now it seems new yorkers are telling us it is too soon. dennis: they are in desperate need. hurricane sandy washing away homes and cars but leaving one thing bone dry, those gas pumps scrambling for fuel. everyone wants to know how long will this last? cheryl: lot more coming up in the next hour..3 answers from the south. also expecting mayor michael bloomberg. we will be right back. [ male announcer ] do you have the legal protection you need?
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